NH SBDC is committed to doing everything we can to help you navigate the challenges your business is facing to recover and be resilient throughout the pandemic.
We continue to provide highly individualized advising and education to NH businesses at no cost. Our team of business advisors can help businesses incorporate relief measures, review options, and discuss concerns related to cash flow, staffing, marketing, accounting, supply chain interruptions, and more.
Every week, we offer webinars that are current and relevant. We add new topics as they are needed for NH's road to recovery and resilience.
Remember that our online learning opportunities are accessible 24/7 - and stay connected for updates. Join our email list; we send newsletters regularly.
PPP EZ Loan Forgiveness Application - Chuck Gilboy, SBDC business advisor Please note: we encourage PPP recipients to attend the EZ Application webinar to help determine whether they are eligible to use the EZ Application. If you must use the Full Application, we recommend meeting with your SBDC Advisor.
EIDL - Applying, accepting & managing - Chuck Gilboy, SBDC business advisor
"New Normal" Marketing for Vital Growth - Rita Toth, SBDC business advisor
Control your Business Path Forward - managing closure & avoiding bankruptcy - Hollis McGuire, SBDC business advisor & Warren Daniel, SBDC Seacoast Regional Director
Ask an Advisor Anything - short presentation and open Q&A
As in any economic downturn, the recognition and the speed of adaptation is key to liquidity and to sustaining businesses. While there is no one solution to fit all, there are working case scenarios that can come as good examples of that adaptation process and measurable success.
To help you address critical business operations, NH SBDC’s advisors have prepared Tips and Recommendations to help you think through what you should focus on now and what to plan for down the road.
The NH Department of Business and Economic Affairs has a COVID-19 website to support the New Hampshire business community . The site has information on business resources, financial assistance, unemployment benefits, health guidelines and recent updates on COVID-19 federal and state programs for businesses. Click HERE to visit the site.
Do you need PPE for your business? Businesses needing disposable masks may purchase them at NH state liquor stores.
U.S. Small Business Administration (SBA) low-interest federal disaster loans can provide working capital to New Hampshire small businesses and private, non-profit organizations suffering substantial economic injury as a result of COVID-19.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance to help overcome the temporary loss of revenue.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses and 2.75% for non-profits.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
A Loan Advance grant up to $10,000 is available to all EIDL applicants.
All EIDL loan applicants are eligible for up to a $10,000 Loan Advance grant, whether your loan application is accepted or denied. The Loan Advance does not have to be repaid. However, if a Paycheck Protection Program (PPP) loan is accepted, the advance amount will be subtracted from the amount forgiven under the PPP program. Please note: The Advance grant program is now closed.
SBA Express Bridge Loans are available from Express lenders. Loans are for $25,000, approved in 45-90 days, and may be paid back via an EIDL loan.
The CARES Act established the $349 billion Paycheck Protection Program (PPP). A second round of $310 billion in funding was added. The PPP is providing much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
The loan program helps small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months.
Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Please note: The PPP loan application process is now closed. See the webinar listing above for PPP EZ Forgiveness Application sessions.
Click HERE to visit the SBA Disaster Assistance website.
Per Emergency Executive Order #5, individuals who are unable to work or who have reduced hours due to the COVID-19 pandemic will have immediate access to unemployment benefits.
Anyone in the following situations will now be eligible for state unemployment:
Individuals will need to file for each week of temporary unemployment. People can do all of this online from your home internet connection or your phone without ever having to go into a state office. For more information and to file for unemployment benefits, visit the NHES website or call 603-271-7700.
As employers navigate new challenges created by COVID-19, one way to help maintain their trained workforce is the State's WorkShare program. Employers can temporarily reduce their workforce in a particular unit, shift or company 10% - 50% and avert a layoff. They can then recall the employees when business increases.
As employees are retained - morale, productivity and flexibility in the workplace are maintained. Affected employees have a softer landing as their hours are reduced rather than eliminated, and they keep their health insurance and can collect wages for hours worked plus unemployment compensation benefits for the reduced hours.
WorkShare plans may be submitted by any New Hampshire employer whose taxes are currently up to date and who is in good standing with the NH Department of Labor.
Find more information on the NH WorkShare program.
SBA announced that if a business already has an SBA loan through a lender, whether it is a 7A, 504 or microloan, SBA will pay the lender the principal, interest and fees for six months. SBA will also defer payments on new SBA 7A loans made before 9/27/2020.
SBA also announced changes to help borrowers still paying back SBA loans from previous disasters. Deferments through 12/31/2020 will be automatic so borrowers of prior home and business disaster loans do not have to contact SBA to request deferment. Press release @ https://bit.ly/2xFJxvC
We strongly encourage you to contact your lender to make sure that deferments are in place for your loans.
The Families First Coronavirus Response Act (FFCRA) includes provisions to help ensure that employees who are sick or need to care for a loved one can get the time off that they need during this public health crisis.
The bill provides employers with fully refundable tax credits to help cover the costs of paying 2 weeks of sick leave wages, and up to 10 additional weeks of family leave wages, and health insurance premiums for employees during this leave. These tax credits are fully refundable so businesses will be able to receive the full value of the credits regardless of their tax situation
Under the FFCRA, businesses will receive tax credits worth up to $511 per employee per day for paying an employee regular wages for up to two weeks of personal paid sick leave, $200 per employee per day for paying an employee regular wages for up to two weeks of leave to care for a sick family member or child home from school, and $200 per employee per day for paying an employee 2/3 wages for up to ten weeks of leave to personally quarantine or to care for a child home from school. See this CHART for more details.
4/1/2020 - Employers with fewer than 50 employees may claim an exemption from the emergency paid leave provisions of the FFCRA and the exemption applies specifically to leave taken for reasons of child care and school closures related to COVID-19. Small businesses with fewer than 50 employees, including religious and nonprofit organizations, are exempt from two aspects of the FFCRA’s provisions:
(1) paid sick leave due to school closure, place of care closure or child care provider unavailability for COVID-19 related reasons; and
(2) emergency paid leave under the Family and Medical Leave Act (FMLA)
when doing so would jeopardize the viability of the business. An "authorized officer" of the business must determine whether it meets this criteria, according to the guidance.
4/1/2020 U.S. DOL’s Wage and Hour Division will temporarily not enforce the FFCRA until April 17. DOL will not bring enforcement actions against any public or private employer for FFCRA violations during this 30-day period provided the violating employer acts "reasonably" and "in good faith." The employer must also remedy any violations as soon as practicable, its violations must not be willful and DOL must receive from the employer a written commitment to comply with the law in the future.
4/1/2020 The Treasury Department and IRS today began implementing the Employee Retention Credit included in the coronavirus economic package signed into law last week. The program provides a fully refundable tax credit for 50 percent of wages, up to $10,000, for each employee kept on the payroll by businesses that have taken a financial hit because of the pandemic.
Businesses qualify if they have been fully or partially shuttered by government order, or if their gross receipts are below 50 percent of what they took in during a comparable quarter in 2019. They are no longer eligible once their gross receipts rise above 80 percent of the comparable quarter.
The IRS published Guidelines for businesses that want to apply for the credit, which is applied against the employers’ share of payroll taxes.
The agency also issued a notice to shield employers from penalties they may have incurred for failing to deposit employment taxes when tapping a tax credit Congress created to help them cover wages for sick leave and family leave.
The USDA announced details on the Coronavirus Food Assistance Program (CFAP), which will provide up to $16 billion in direct payments to deliver relief to America’s farmers and ranchers who have suffered a 5%-or-greater price decline due to COVID-19 and face additional significant marketing costs as a result of lower demand, surplus production, and disruptions to shipping patterns and the orderly marketing of commodities. More information is available in this news release.
Through July 31, 2020, USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) Guaranteed lenders may assist borrowers experiencing temporary cash flow issues by deferring payments for a period no longer than 120 days. This guidance applies to ALL borrowers that had a current repayment status as of March 1, 2020.